LITTLE ROCK, Ark. — The housing market has been tough on prospective home buyers over the previous years, and now— for the first time in years experts explained how they're seeing the lowest drop in mortgage rates.
In October 2023, mortgage rates hit 8.25%. Since then, they've started going down a bit and were sitting around 7%. Now, they're hitting close to 6.30% which is something that Retail Mortgage Loan Officer, Scott Taylor, explained can make a huge difference.
"We definitely are seeing the curve come down, and that's what's important. We're not ever going to see twos or threes again, but we will hopefully see some fives again," Taylor described.
Thanks to this downward trend in mortgage rates, people nationwide can now get one step closer to reaching their goal of becoming homeowners in 2024.
"It's a very special time, and I want us to get back to those times, and we are. It's just taken a little bit of time for things to settle post-pandemic and everything that was going into the frenzy of purchasing," Taylor said.
Even though rates are at their lowest, it still leaves the question of if this is or isn't the right time to purchase a home. Taylor said that the answer is yes.
However, we shouldn't focus too much on the number.
"We saw our first big drop in rates. Unfortunately, that was short-lived, but they still are trending down. So that's the good news, and so we're just watching them right now," he explained.
Watching the rates closely is part of the process of home buying and selling as rates can be everchanging. So Taylor said that his best advice for homeowners or homebuyers is to keep in mind what works best for them financially.
"Pay attention to what your houses around you are selling for and your personal finances. The best thing you can do is take care of yourself and look out for yourself in the best you can," he added.